2 Business revenueBusiness expensesRental revenueRental expenses, excl. CCARental-maximum CCA allowedEligible Cdn dividends receivedNon-eligible Cdn dividends receivedUS dividends receivedUS taxes withheldItalian dividends receivedItalian taxes withheld72,50036,0004,5602,4301,5006004409001007005018,900Employment wagesEmployment taxable benefits2,300Employment allowable deductions4,540Spousal support payments paid out12,000Child support payments paid out18,0002,680Interest income receivedAllowed RRSP deduction6,400Allowable moving expenses1,890Purchase price of RIM stock2,110Proceeds from sale of RIM stock this year1,930Purchase price of bond5,500Proceeds from sale of bond this year6,900What is the income after 3c) of the ordering provisions?

INTRODUCTION: Operating income is defined as the profit of the firm after subtracting operating…

Business revenue Business expenses Rental revenue Rental expenses, excl. CCA Rental-maximum CCA allowed Eligible Cdn dividends received Non-eligible Cdn dividends received US dividends received US taxes withheld Italian dividends received Italian taxes withheld Employment wages Employment taxable benefits Employment allowable deductions Spousal support payments paid out Child support payments paid out Interest income received Allowed RRSP deduction 72,500 36,000 4,560 2,430 1,500 600 440 900 100 700 50 18,900 2,300 4,540 12,000 18,000 2,680 6,400 Allowable moving expenses 1,890 Purchase price of RIM stock 2,110 Proceeds from sale of RIM stock this year 1,930 Purchase price of bond 5,500 Proceeds from sale of bond this year 6,900 What is the income after 3c) of the ordering provisions?

Business revenue Business expenses Rental revenue Rental expenses, excl. CCA Rental-maximum CCA allowed Eligible Cdn dividends received Non-eligible Cdn dividends received US dividends received US taxes withheld Italian dividends received Italian taxes withheld Employment wages Employment taxable benefits Employment allowable deductions Spousal support payments paid out Child support payments paid out Interest income received Allowed RRSP deduction 72,500 36,000 4,560 2,430 1,500 600 440 900 100 700 50 18,900 2,300 4,540 12,000 18,000 2,680 6,400 Allowable moving expenses 1,890 Purchase price of RIM stock 2,110 Proceeds from sale of RIM stock this year 1,930 Purchase price of bond 5,500 Proceeds from sale of bond this year 6,900 What is the income after 3c) of the ordering provisions?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 8MCQ: The purpose of Schedule M-1 on the corporate tax return is to: Reconcile accounting (book) income to...

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